SPNEC adjusts SRO price range

MANILA, Philippines — Solar Philippines Nueva Ecija Corp. (SPNEC) has lowered the price range of its stock rights offering (SRO) which it intends to conduct once all approvals have been secured.

In a stock exchange filing, SPNEC said it has adjusted the offer price range to P1.50 to P1.76 per share, from the earlier range of P1.60 to P1.76 per share, “in the interest of the success of the SRO.”

“We also wish to highlight the option to pay in installments, with a down payment of 25 percent and the balance of 75 percent within three months of the offer period, as detailed in the prospectus,” the company said.

SPNEC said these provisions have been made to ensure the SRO will be placed, among the participants in the first round, qualified institutional buyers, the principal shareholder, and the underwriters.

The company has reiterated its commitment to conduct its SRO as soon as it receives the relevant approvals.

It was earlier targeting to conduct its SRO in June.

Based on its updated prospectus, SPNEC will offer 1.876 billion common shares.

The offer will be comprised of the rights offer and the QB take-up, wherein following the mandatory second round of the rights offer, the underwriters shall procure qualified buyers to subscribe to any rights shares that remain unsubscribed.

Estimated net proceeds is P2.795 billion to P3.283 billion, assuming all the rights shares are subscribed.